303.7 Million SHIB Burned in Last 7 Days as Burn Activity Faces Decline, so Does Price

Recently, the SHIB army activity in burning Shiba Inu seems to be in decline. According to a recent tweet shared by the Shibburn crypto tracking service, unlike in previous weeks, this time during the last seven days, only slightly more than 303 million SHIB meme coins were removed.

In previous weeks this month and in March, over 1 billion SHIB were removed weekly from circulation.

Burning almost 1/3 billion Shiba Inu

Shibburn spread the word that over the past seven days, it had registered 303,782,158 Shiba Inu tokens taken out from the circulating supply of this meme crypto for good. According to the tweet, this is 90.17% SHIB fewer than was sent to unspendable wallets a week before.

Overall, within the past 24 hours, the Shiba Inu community sent a total of 20,215,360 SHIB to "inferno" wallets.

In the past 24 hours, there have been a total of 20,215,360 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.

— Shibburn (@shibburn) April 22, 2023

Compared to yesterday's burns, this time the burn rate of Shiba Inu is down 92%. At the moment, according to the website of Shibburn, the overall amount of SHIB in circulation constitutes 574,056,752,986,739 meme tokens.

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SHIB price down 11%

During the past three days, the second largest meme token by market capitalization, SHIB, has been declining heavily. Since Wednesday, April 19, the price of Shiba Inu has fallen by 11%, printing several big red candles on the hourly chart — on April 19, 20 and 21.

Shiba Inu has been following the crypto leader, Bitcoin, here. Since April 19, the flagship cryptocurrency has lost around 9%, falling from slightly above $30,000 to the $27,210 zone at the moment and going down for the third day in a row.

On Wednesday, it became known that CPI in the U.K. proved to be 10% higher than last month and, therefore, traders decided that the Bank of England might decide to increase the interest rates by 25 basis points in May.

Besides, the head of the Atlanta Fed Raphael Bostic also shared his expectations that the interest rates would likely be raised in the same way soon.